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~ V ~

VA – (The Department of Veteran’s Affairs) – The Federal agency providing assistance to veterans, including the guarantee of VA mortgage loans.

VA FUNDING FEE – Charged on VA loans to cover the administrative costs.

VACANCY FACTOR - The amount of space not occupied in the building. (Usually referred to in a percentage of the entire building)

VACUUM PUMP - A pump used to remove air and moisture from a refrigeration system at a pressure below atmospheric pressure.

VALID - Having force or binding effect. Legally sufficient and authorized by law.

VALUATION – An estimated worth or price usually by a property appraisal.

VAPOR BARRIER - A moisture-impervious layer applied to the surfaces enclosing a humid space to prevent moisture travel to a point where it may condense due to lower temperature.

VAPOR RETARDER -Material used to retard the flow of water vapor through walls and other spaces where this vapor may condense at a lower temperature.

VARIANCE - A limited waiver from the requirements of the zoning ordinance or building code that may be granted because of special circumstances regarding the subject property. A land use variance usually requires a public hearing before the Planning Commission, Zoning Board,or Zoning Administrator. A building code variance may be granted by the Building Official, or a Board of Permit Appeals.

VENDEE - A purchaser. Refers to a person or corporation that is in contract to purchase a property.

VENDOR - A seller. Refers to a person or corporation that is in contract to sell a property.

VENT PIPE - A vertical pipe of relatively small dimensions which protrudes through a roof to provide for the ventilation of gasses.

Vent Pipe illustration

VENT STACK - A vertical vent pipe installed for the purpose of providing circulation of air to and from any part of a drainage system.

VENTILATION - The process of supplying or removing air, by natural or mechanical means, to or from any space. Such air may or may not have been conditioned.

VENTILATOR - Device installed on the roof for the purpose of ventilating the interior of the building.

roof ventilator photo

VERIFICATION - Sworn statement before a duly qualified officer as to the correctness of the contents of an instrument.

VERTICAL PENETRATION - Areas such as stairwells, elevator shafts, flues, pipe shafts, vertical ducts which serves more than one tenant. For measurement purposes, these items are not deducted if they serve a single tenant.

VEST - To own or indicate ownership in lands. "Title may be said to "vest" in John Brown."

VESTED – As bestowed upon someone; rights to which one is entitled.

VESTED RIGHTS - Vested rights are found when a landowner has received approval on a project and has undertaken substantial construction and made substantial expenditures in reliance on that approval. The landowner’s right to develop has vested and cannot be taken away by a zoning change by the legislature.

VILLAGE BOARD OF TRUSTEES - See "Local Legislature."

VISIBLE – Means the capability of being seen, whether or not any item of information is legible, without visual aid, ny a person of normal visual acuity.

VOID - To have no force of effects; that which is legally unenforceable. Invalid; or having no legal effect.

VOIDABLE – Not presently void, but the rights may be exercised at a later time.

VOLUNTARY LIEN - Any lien placed on property with the consent of, or as a result of, the voluntary act of the owner. (i.e., Mortgages and Deeds of Trust).


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